In late February 2021, Governor Tim Walz and Minnesota Management and Budget officials released Minnesota’s February Economic and Budget Forecast. The budget forecast revealed a $1.571 billion surplus for the Fiscal Year 2022-23 biennium compared to a nearly $1.3 billion deficit projection in November.

For a breakdown of key reasons of this $2.7 billion projection swing — plus Governor Walz’s latest revisions to the state’s COVID-19 restrictions — view our legislative update infographic.